News Summary: US factory production down

Source :

Last Updated: Fri, Feb 15, 2013 18:45 hrs

: U.S. factories slowed output in January because of a big drop in production at auto plants. Manufacturing fell 0.4 percent in January after gains of 1.1 percent in December and 1.7 percent in November.

INDUSTRIAL PRODUCTION: Overall industrial production dropped 0.1 percent. A big rise in utility output, reflecting colder weather, offset some of the weakness in manufacturing and mining.

OUTLOOK: U.S. manufacturing was hurt in 2012 by a weakening global economy which cut into exports and by sluggish consumer spending. The expectation is that 2013 will be slightly better, helped by continued improvements in auto sales.